Israel's Verisity floated 3.3 million shares in an Initial Public Offering (IPO) on Nasdaq on Tuesday, raising $23m. and lending it a company valuation of $127m, reported Digital Israel, the financial website of The Jerusalem Post.
The price per share was set at $7, slightly below the price range of $8-$10 initially set by lead underwriter Robertson Stephens, said the report.
The first Israeli company to go public overseas in months develops verification systems for complex integrated circuits (ICs). Customers include Texas Instruments, Alcatel, Hewlett Packard and Cisco.
Established in 1996, Verisity has 130 employees, of whom 50 are in R&D. CEO Mosche Gavrielov holds a 4.6 percent stake in the company; Founder and CTO Yoav Hollander holds a 16.7 percent stake worth some $21m. Other shareholders include Seqoia (10.3 percent) and Zohar Zisapel (4.6 percent), said Digital Israel – Albawaba.com
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